Intel paves way for buyback

Chip maker Intel Corp. said Monday its board increased its stock buyback authorization by $10 billion less than a week after reporting strong quarterly results.

The buyback increase brings the total authorization to $14.2 billion.

The Santa Clara, Calif., company also declared a regular quarterly dividend of 18.12 cents, reflecting a previously announced increase of 15 percent.

Intel said the dividend is payable March 1 to shareholders of record as of Feb. 7. Intel had about 5.58 billion shares outstanding as of Oct. 22, 2010, according to a regulatory filing.

Associated Press